# In the matter of UPTEC Idealabs Limited

> NCLT judgment dated 2019-09-09. Citation: TCN-2019-NCLT-01510. The case involves a Corporate Insolvency Resolution Process (CIRP) initiated against UPTEC…

- **Court:** NCLT
- **Order date:** 9 Sept 2019
- **Citation:** TCN-2019-NCLT-01510
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/uptec-idealabs-limited-96b525f4

## Summary

### Background

The case involves a Corporate Insolvency Resolution Process (CIRP) initiated against UPTEC Idealabs Ltd. based on a petition filed under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016. The petition was admitted by the National Company Law Tribunal (NCLT), Hyderabad Bench on June 13, 2019, leading to the imposition of a moratorium and the appointment of an Interim Resolution Professional (IRP). Subsequently, a settlement was reached between the Corporate Debtor and the Operational Creditor. The IRP then filed an application under Section 12A of the IBC, seeking withdrawal of the CIRP based on this settlement.

## Facts

On June 13, 2019, the NCLT admitted a petition under Section 9 of the IBC, initiating CIRP against UPTEC Idealabs Ltd. and imposing a moratorium. S. Manjula was appointed as the Interim Resolution Professional (IRP). The first meeting of the Committee of Creditors (CoC) was held on July 12, 2019, where the CoC unanimously approved the appointment of S. Manjula as the Resolution Professional. A settlement was reached between the Corporate Debtor and the Operational Creditor, with the Corporate Debtor agreeing to pay Rs. 3,50,000/- in full and final settlement of the claim of Rs. 31,24,789/-. The Operational Creditor submitted an application for withdrawal of the CIRP on August 13, 2019, in Form FA. The second CoC meeting was held on August 13, 2019, where the CoC

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## Issues and analysis

### Issue 1: Whether the application for withdrawal of the Corporate Insolvency Resolution Process (CIRP) under …

**Ratio:** Section 12A of the Insolvency and Bankruptcy Code (IBC), 2016, read with Regulation 30A

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**Reasoning:** The court reasoned that Section 12A and Regulation 30A provide a mechanism for withdrawal

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**Interpretation:** Section 12A of the IBC is interpreted as providing a window for parties to

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**Application:** In this case, the court applied the ratio by noting that the CoC had approved

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## Parties

- **Judges:** Ratakonda…
- **Appellants:** Vikram B…
- **Respondents:** UPTEC Ideal…
- **Advocates:** MS Mano R…; Ms.Mano R…

## Timeline

- **2019-06-13 — Admission of…**: The NCLT admitted the petition filed under Section 9 of the IBC, initiating CIRP against…
- **2019-07-12 — First CoC M…**: The first meeting of the Committee of Creditors (CoC) was held, where the CoC approved…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 9 — Application for initiation of corporate insolvency…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-9)

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